M+ Online Morning Market Buzz - 22 Nov 22

Dow Jones: 33,700.28 pts (-45.41pts, -0.13%)
⬆️ Resistance:  34700
⬇️ Support:  32600

FBM KLCI: 1,447.96 pts (-1.36pts, -0.09%)
⬆️ Resistance:  1500
⬇️ Support:  1400

HSI Index: 17,655.91 pts (-336.63pts, -1.87%)
⬆️ Resistance:  18800
⬇️ Support:  17100

Crude Palm Oil: RM3,850 (-RM5, -0.13%)
⬆️ Resistance:  4260
⬇️ Support:  3720

Brent Oil: $87.45 (-$0.17, -0.19%)
⬆️ Resistance:  97.70
⬇️ Support:  80.70

Gold: $1,738.05 (-$12.63, -0.72%)
⬆️ Resistance:  1830
⬇️ Support:  1700

M+ Online Technical Trading Stocks - 22 Nov 22

Stock Name: AJIYA (7609)
Entry: Buy above RM1.57
Target: RM1.70 (8.3%), RM1.75 (11.5%)
Stop: RM1.49 (-5.1%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: MIECO (5001)
Entry: Buy above RM0.665
Target: RM0.70 (5.3%), RM0.725 (9.0%)
Stop: RM0.63 (-5.3%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI reversed lower as investors await the formation of the new government; foreign investors remained as net seller for the fourth session. The local bourse may stay in the consolidation mode with the focus on the political scene while eyeing the nomination of the next PM candidate. Meanwhile, the global sentiment was dampened by worries over global growth slowdown after China imposed a stricter Covid-19 curbs. Commodities wise, the Brent crude oil price stayed above USD87 after rebounding from the low around USD82, while the CPO price hovered near RM3,850. 

Sector focus: Given the fluid political developments, investors should focus on apolitical sectors such as the telecommunications, consumer staples, and utilities sectors as well as stocks with high net cash with stable dividend payout. Meanwhile, traders should deploy a “buy ahead of event and sell on news” strategy once the government is formed. 

Stocks to watch: 

Building material: ANNJOO, EFRAME, HIAPTEK, LIONIND, PMBTECH
Technology: GENETEC, INFOTEC, MPI, QES
Consumer: BAT, CYL
O&G: DAYANG, DIALOG, NAIM, UZMA
Others: HAPSENG, LCTITAN, LITRAK, NESTCON

Source: M+ Online

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